Sammy, Mike, Seamy discussed on Unchained
C._f._t._c. and that's the other thing is that trust is every we trust right and ultimately this is all built on trust i in human trust of each other brain as mike about tressler systems yeah but that's the thing they're not trust louis. It software replaced replace. That's my take. I'm like why i agree with this system that enables trust but anyway. I completely agree with you on that point so anyway but i did want to ask you about this. Physically settled versus cash settled so as you know <hes> obviously c._m._e. Bitcoin futures are cash settled meaning anthony. The payoff happens in u._s. Dollars yet and so obviously if the bitcoin prices fluctuating depending on when you settle you can end up with a different amount don't <hes> but backed an ex are launching physically settled ones where you know if it's a contract for one bitcoin you get one bitcoin which is just one bitcoin so who i just wanted to get your opinion on on physically settled for just versus cash settled and maybe explain a little bit about why the semi ones were cash settled yeah i will tell you it's a very practical problem. Which is you have in seamy for example. How is it made up. You've got the mark infrastructure firm arm sammy. It's got the platform. You've got <hes> clearing members which are attached or connected to sammy's platform. You've got brokers. I write attached and linked to see me see me platform. You also have customers. It's very rare that a customer is is a customer and then a clearing member also directly connected so you go through several layers right and imagine you get a new product out there. How are you going to get all of those clearing members to set up custody solutions for digital assets when they don't even know what is your las are. We're talking about june thousand fifteen in sixteen you tell me how you're going to move all these people to change systems or by new systems by the way don't even exist and risk manage this stuff off an old by the way they're regulated to to some degree and they're going to go to their respective like risk management board or committee mitty and get sign off for something called bitcoin that nobody really understands or knows about. I mean think about the awesome amount of friction..